Author: Carol Parker
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Depreciation Method
United States Tax Concept of Straight Line Depreciation Method A depreciation method that spreads the cost or other basis of an asset on a pro rata basis over its useful life.
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TeleTax
United States Tax Concept of TeleTax An IRS phone number that you can call to hear recorded tax information or to check on your refund if you have not received it within three weeks.
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Individual Taxpayer Identification Number
United States Tax Concept of Individual Taxpayer Identification Number (ITIN) A taxpayer identification number for persons who do not qualify for a social security number. It is usually assigned to aliens.
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Estimated Tax Payments
United States Tax Concept of Estimated Tax Payments Advance payment of current tax liability by making installment payments of your estimated tax liability. You may be required to make estimated tax payments if a significant amount of your income is not subject to withholding, such as net […]
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Tax Sheltered Annuity
United States Tax Concept of Tax Sheltered Annuity A retirement annuity offered to employees of tax-exempt organizations and educational systems. Also known as a Section 403(b) plan. Generally, the plan is funded by employee salary reduction contributions and it’s earnings are tax […]
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Targeted Group
United States Tax Concept of Targeted Group Groups of individuals that have been designated as having a high unemployment rate. Employers receive tax incentives to hire these workers under the Workforce Program. These groups include certain economically disadvantaged people, convicts, and […]
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Nominee Interest
United States Tax Concept of Nominee Interest Interest received on behalf of another person. If your name and taxpayer identification number are on an account but all or part of the income actually belongs to someone else you must file Form 1099-DIV and the other person must report the income […]
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Amount Recognized
United States Tax Concept of Amount Recognized Amount recognized is the amount of gain reportable and subject to tax. On certain tax-free exchanges of property, gain is not recognized in the year it is realized.
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Cancellation of Debt
United States Tax Concept of Cancellation of Debt Forgiveness of a debt without payment or consideration. Cancellation of debt is taxable as income to the debtor unless the creditor intended it as a gift or it meets certain exceptions relating to bankruptcy, insolvency, or farming.
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Form 1040A
United States Tax Concept of Form 1040A The U.S. Individual Income Tax Return Form 1040A is the short form version of Form 1040. You can usually use Form 1040A if you do not itemize or own a business and your taxable income is under $50,000.
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Tax Preparation Software
United States Tax Concept of Tax Preparation Software Software designed to help you prepare your taxes on a computer. The software works with e-filing and lets you file quickly and accurately. Another, easier option, is to file your tax return online at this web site.